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Korea posts current account surplus of nearly 3.7 billion dollars in February

This comes after Korea’s current account surplus peaked at an all-time high of 4.8 billion dollars last October before it began to decline, posting a deficit of 1.6 billion dollars in January. Falling imports amid the ongoing economic slowdown and an increasing demand of Korean products from overseas thanks to the weakening won were the main factors that contributed to the February turnaround.

The country’s goods balance posted a 3.2 billion dollar surplus last month, making a switch from January’s 1.7 billion dollar deficit.

"Korea’s exports and imports both decreased in February, but last month’s exports dropped by a much smaller margin than imports compared to the previous month, so the country’s goods balance marked a turnaround from a 1.7 billion US dollar deficit to a 3.2 billion dollar surplus in one month," said Lee Young-bog, Head of Balance of Payments Statistics Team at the Bank of Korea.

And Korea’s service account deficit dropped from 710-million to 490-million dollars in February due to less overseas spending by Koreans and an increased number of visitors to the country.

Meanwhile, the Bank of Korea officials say as the won is getting weaker and Korea expands its export markets the country is expected to record a historic 5-billion dollar surplus in March.

(Source from Dynamic-Korea.com)

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